Distinguih between business and non business activities
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Business and non-business activities are classified on the basis of the profit motive.
Explanation:
- Business activities are generally economic activities that drive profits or revenue. On the other hand, non-business activities are non-economic activities that are not related to any revenue or profits.
- For example, manufacturing handmade toys is a business activity as it involves money but donating those handmade toys to poor kids is unknown business activity as it includes charity.
- Business activities are generally taxable and involve a number of additional costs while nonbusiness activities are not taxable.
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